WTL’s per share loss hits Rs0.46 in 2023

MG News | April 09, 2024 at 09:13 AM GMT+05:00

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April 09, 2024 (MLN): WorldCall Telecom Limited (PSX: WTL) reported its financial performance for 2023, wherein the loss after tax widened to Rs2.01 billion [LPS: Rs0.46] compared to a loss of Rs1.38bn [LPS: Rs0.32] in the previous year.

Going by the results, the company's revenue rose 27.9% YoY to Rs2.94bn as compared to Rs2.3bn in 2022.

Direct cost excluding depreciation and amortization also increased by 51.6% YoY to Rs2.81bn in 2023.

During the period under review, other income shrank 4.9% YoY to stand at Rs212.43m in 2023 as compared to Rs223.43m in 2022.

On the expense side, the company observed an increase in operating cost by 18.7% YoY and other expenses by 78.9% YoY to clock in at Rs471.77m and Rs299.5m respectively during the review period.

The company’s finance cost inflated by 59.9% YoY and stood at Rs605.34m as compared to Rs378.66m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a lower tax worth Rs27.45m against the Rs38.12m paid in the corresponding period of last year, depicting a fall of 28.0% YoY.

Consolidated (un-audited) Financial Results for year ended December 31, 2023 (Rupees in '000)
	Dec 23	Dec 22	% Change
Sales - Net	2,943,549	2,301,245	27.91%
Direct cost excluding depreciation and amortization	(2,812,296)	(1,855,163)	51.59%
Operating cost	(471,771)	(397,478)	18.69%
Other Income	212,434	223,426	-4.92%
Other operating expenses	(299,497)	(167,384)	78.93%
Finance Cost	(605,343)	(378,655)	59.87%
Depreciation and amortization	(953,571)	(1,072,857)	-11.12%
Profit before taxation	(1,986,495)	(1,346,866)	47.49%
Taxation	(27,449)	(38,116)	-27.99%
Net profit / (loss) for the period	(2,013,944)	(1,384,982)	45.41%
Basic earnings/ (loss) per share	(0.46)	(0.32)	-